1. Global cost of cybercrime may reach $10.5 trillion by 2025: Interpol. Interpol Secretary General Jurgen Stock said, “organized crime networks were making billions of dollars … and the fact that less than 1 percent of global illicit financial flows were intercepted and recovered.” He also said: “Incidents of cybercrime and online child abuse are significantly underreported.” Most significantly he said: “The global cost of cybercrime is expected to reach $10.5 trillion by 2025.”

2. Cybersecurity Statistics and Predictions for 2023. According to Cybersecurity Ventures, Cybercrimes are increasing at an ‘Alarming Rate Globally’. “Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.”

• Global cybercrime cost is expected to rise by 15% YoY over the next five years, reaching USD 10.5 trillion annually by 2025, up from USD 3 trillion in 2015.

• Data breaches are at an all-time high, with roughly 15 million data being exposed during the third quarter of 2022.

• Education/research, government/military, and healthcare sectors are the top 3 sectors hurt by the increasing attacks of cybercriminals, as noted by CPR with 2,148, 1,564, and 1,426 average weekly attacks, respectively.

3. Major cyberattack could cost the world $3.5 trillion: Lloyd’s. “A major cyberattack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd’s of London said.”

4. Black Basta Ransomware Group Received Over $100 Million From 90 Victims. Black Basta become a major threat since its launch in April 2022. It has claimed over 300 victims with roughly 35% paying ransom. “Our analysis suggests that Black Basta has received at least $107 million in ransom payments since early 2022, across more than 90 victims.”

5. Analysts Comment: I am often asked ‘how bad is cybercrime, really?’ because it’s not reported in the Canadian media. At 10.5 Trillion USD it’s a top global industry.